NIFTY WEEKLY OUTLOOK & OPTION CALL PUT TIPS FOR 25 NOV TO 29 NOV 2019

WEEKLY RESISTANCE FOR NIFTY: 12100, 12200, 12300

 PIVOT POINT: 11900

WEEKLY SUPPORT FOR NIFTY:  11800, 11700, 11600

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 12000, 12050, 12100
PIVOT POINT: 11950

DAILY SUPPORT FOR NIFTY:  11900, 11850, 11800

DAILY CHART FOR NIFTY

The week kick started slightly higher owing to positive cues from the global peers. However, within first half an hour, index pared down its opening gains to sneak below the 11900 mark. During the remaining part of the session, index consolidated in a slender range of 30 points and spent most of its time inside the negative territory. Eventually, the lacklustre day of trade concluded with negligible losses.  We had a positive start on Tuesday as indicated by the Nifty early in the morning. However, similar to Monday’s session, Nifty gave up this opening lead in first 40 – 45 minutes of trade. Fortunately, the buyers were all prepared to capitalize on this opportunity and hence, due to sustained buying, we saw Nifty successfully conquering the recent hurdle of 11900 on a closing basis by adding nearly half a percent to the bulls’ kitty. Tuesday’s tail end recovery was followed by a decent bump up at the opening on Wednesday. Nifty indicating a sluggish start, we witnessed positivity at the opening which was mainly on the back of favorable cues on the domestic front. During the first half, this lead extended to traverse the 12000 mark. However, during the latter half, index came off a bit due to some profit booking at higher levels and eventually closed at a kissing distance from 12000. Similar to Wednesday’s session, Nifty opened higher on Thursday despite Nifty indicating a sluggish start. And the lead did not last too long or we can say it was merely a formality as index immediately dipped towards 12000 mark. For the major part of the day, index consolidated in a slender range before it again slipped further towards the fag end of the day. Eventually, the Nifty concluded the weekly expiry with a cut of nearly three tenths of a percent. Markets were trading over half a per cent lower on Friday, pulled down by profit-booking by investors and selling in information technology (IT) stocks. In March 2009, if you would have invested in Nifty stocks equal weighted, it would have delivered minus 1% return. There is a massive structural change in Indian economy in the last 6-7 years. If the structure has changed in the economy, it would reflect in Nifty with a lag.

NIFTY: A STRONG SUPPORT WILL BE @ 12200; STRONG RESISTANCE LEVEL SEEN @11800

we have been quite upbeat on the market and have been advising buying in any intraday declines that market is offering since last few days. Yesterday too, we saw similar thing working well for us and as expected Nifty finally managed to surpass the first hurdle of 11900 on a closing basis. The major charioteer for this move was clearly the banking pack which has been showing some encouraging signs since couple of days. The way both indices are shaped up, 12000 or beyond is not too far now for our markets. Hence, we remain sanguine and expect the immediate support base to shift higher towards 11867 – 11802.

TECHNICALLY SPEAKING.

Market once again looks a bit tentative before heading towards the all-time high. With such small jerks our positional bias does not change at all. We still reiterate that it’s a matter of time, we would see index marching beyond the crucial resistance zone of 12050 – 12100. It may probably be waiting for some trigger to turn this into a reality. Thus, traders are advised to stay long or look for opportunities to go long in the market. On the downside, the immediate support is now placed at 11900 – 11800. Indices are clearly experiencing a time-wise correction and despite banking index having a head start, the momentum did not last too long. Since the overall intraday range was small, the chart structure in recent consolidation does not change at all. On the higher side, Nifty is facing a sturdy wall at 11925 and on the lower side, 11800 – 11750 are seen as intraday as well as near term supports. For the coming session, traders need to keep a tab on above mentioned levels; but with a positional view, our bias still remains bullish and we advise traders to create longs in any such intraday declines. We reiterate that it’s a matter of time, we would see index traversing this intermediate barrier of 11925 to head towards all-time highs.